President Resigns At First Options

March 16, 1989|By Christine Winter.

First Options of Chicago has said that its president, Barry L. Seidman, has resigned.

Seidman will continue as a senior adviser to the futures and options clearing firm and will remain a member of First Options` board. He has been president and chief operating officer of First Options, a subsidiary of Continental Bank, since 1982.

A spokesman described Seidman`s move Tuesday as ``giving up the administrative portion of his duties to focus on special projects and customer service matters.``

Seidman also will continue as First Options` representative to various professional organizations.

No one has been named to replace Seidman. The spokesman said Seidman`s responsibilities will be reassigned to various members of the firm`s senior management team until it is determined whether to recruit to fill the position.

``Barry played an enormous role in the development of First Options, and has spent much of his time in recent months restoring the company`s financial strength following the stock market crash in October, 1987,`` said James Porter, First Options chairman and chief executive.

Porter said First Options is ``poised to record a profitable year in 1989.``

First Options lost $112 million in the 1987 market crash, according to a report by a congressional subcommittee, but Continental Bank has said it expects to recover at least $13 million from customers.